Riot Platforms Shifts to AI, Capitalizes on Mining Resources, Secures Upgrades from JPMorgan and Citigroup

Riot Platforms (NASDAQ: RIOT), a company that manages the entire process of

mining, was upgraded consecutively by and at the end of September 2025, following its strategic move into artificial intelligence (AI) and high-performance computing (HPC) infrastructure. JPMorgan increased its price target from $15 to $19 and shifted its rating from "Neutral" to "Overweight." Citigroup, meanwhile, raised its target from $13.75 to $24 and gave the stock a "Buy" recommendation. Both institutions pointed to Riot’s opportunity to generate revenue from its current data center and energy assets through colocation agreements and AI-related services as a significant growth factor CoinDesk - *Riot Gets Double Upgrade on AI Pivot as JPMorgan, Citi Hike Targets* [ 1 ].

Analysts highlighted Riot’s strengths, such as its 700 MW Rockdale facility in Texas and the ongoing construction of a 1 GW site in Corsicana, which put the company in a strong position to benefit from rising demand for computing resources. JPMorgan estimated a 50% chance that Riot would secure HPC colocation contracts in the near term, referencing Core Scientific’s deals valued between $3.7 million and $8.6 million per megawatt (MW) CoinDesk - *Riot Gets Double Upgrade on AI Pivot as JPMorgan, Citi Hike Targets* [ 1 ]. Peter Christiansen from Citigroup described Riot’s shift toward AI and HPC as a "key catalyst," noting the company’s expertise in running large-scale, power-hungry operations originally built for Bitcoin mining FinancialContent - *Citigroup Elevates RIOT Platforms to [ 2 ].

These upgrades stood in contrast to downgrades for competitors IREN and CleanSpark, which were lowered to "Underweight" and "Neutral," respectively, due to doubts about their HPC strategies. JPMorgan also assigned a 50% likelihood for these companies to land similar contracts but regarded

as the most appealing option among the miners it covers. Citigroup kept its "Buy" rating on Cipher Mining (CIFR) and cut its target for MARA Holdings, highlighting the differences in valuation across the sector CoinDesk - *Riot Gets Double Upgrade on AI Pivot as JPMorgan, Citi Hike Targets* [ 1 ].

Riot’s shares reacted favorably, jumping 5.32% in pre-market trading to $17.63, outperforming the broader industry, which saw significant declines. The stock finished at $16.55 on September 26, down 1.2% for the day but up 112% over the previous six months CoinDesk - *Riot Gets Double Upgrade on AI Pivot as JPMorgan, Citi Hike Targets* [ 1 ]. Analysts credited the optimistic outlook to Riot’s efforts to broaden its revenue base, making it less dependent on Bitcoin’s price swings. JPMorgan projected that HPC colocation deals could contribute $3.7 million to $8.6 million per MW, potentially improving profit margins as Riot evolves from a pure mining business to an infrastructure-as-a-service provider CoinDesk - *Riot Gets Double Upgrade on AI Pivot as JPMorgan, Citi Hike Targets* [ 1 ].

This strategic transformation carries wider significance for both the crypto and technology industries. By adapting its infrastructure, Riot is part of a broader movement where miners are utilizing their energy and data center resources for AI applications. This shift is altering the competitive landscape, as traditional data center operators now face new competition from miners offering more cost-effective solutions. Citigroup’s research also pointed out Riot’s ability to attract institutional investors, thanks to its scalable infrastructure and proven execution FinancialContent - *Citigroup Elevates RIOT Platforms to [ 2 ].